JPMorgan Launches Bitcoin Fund for Its Wealthy Clients

Fazzaco learned that JPMorgan, a leading financial services provider, has reportedly launched a Bitcoin fund for its wealthy clients, making it easy for them to access cryptocurrencies. 

The Bitcoin fund is offered in partnership with NYDIG, a technology and financial services firm dedicated to Bitcoin for institutions, private clients, and banks. The fund is in-house and wealthy clients can start accessing it this week.

This new launch comes only two weeks after Fazzaco reported that JPMorgan has offered retail clients access to Bitcoin exposure​ since July 19, making it the first major bank to expand access to crypto trading beyond only ultrawealthy clients. JPMorgan's advisers have been given the green light to provide clients with access to five cryptocurrency funds.

It is still unclear how the bank intends to grant users access to the cryptocurrencies. However, the latest development marks a capitulation for CEO Jamie Dimon who are one of the harsh critics of Bitcoin and called the digital currency a 'fraud'. He indicates that though his stance towards Bitcoin doesn't not change, his bank's clients are surely interested in investing in crypto.

Fazzaco reported that last month JPMorgan released a trading update for the three months ended June 30, 2021​, with the net income reaching $11.9 billion during Q2 of 2021, a surge of approximately 155% compared to the same period in 2020.